Ignatius Okorocha and Jonas Ezieke in Abuja
The Nigerian Customs Service ( NCS ) on Monday announced that its revenue target for 2026 fiscal year is N11.074trillion which almost doubled N6.584trillion targeted in 2025 and exceeded with N674billion by generating N7.277 trillion.
This is as the Senate and the House of Representatives Committees on Customs commended President Bola Tinubu for extending the tenure of the Comptroller – General of Customs, Bashir Adewale Adeniyi for six months.
The ambitious revenue target of Customs for 2026 fiscal year was separately made by its Comptroller – General during the budget defence session before the Senate and House of Representatives Committee.
The Comptroller – General at the committee session in the Senate said out of the projected N11.074trillion in 2026, N4.43trillion has been realized as at 31st of May.
Expenditure proposal of Customs in 2026 according to him, is N1.235 trillion, out of which N421billion is earmarked for personnel cost , N307billion for overhead cost and N565billion for capital expenditure.
On budget performance for 2025, the Customs boss told the Committee that while N6.584trillion was targeted as revenue, N7. 277trillion was generated, showing an excess of N674billion about 10.24% positive variance.
He however said that Customs would have generated more in 2025 but some policies of the government like CNG / Electric Vehicles Tariff, the yet-to-be-implemented Green Tax, affected its operations.
Also, during a budget presentation and defence of the agency to the House Committee on Customs and Excise on the 2025 budget review and 2026 budget defence at the National Assembly, Adeniyi said that the agency has consistently surpassed its revenue target set by the Federal Government and relevant ministries on an annual basis
He thanked the Federal Government and the House Committee for consistent support to the agency in terms of appropriation of funds for the smooth operation of the agency in the annual federal government budgets.
According to him, the agency has consistently surpassed its revenue targets adding that it has raked in trillions of naira into the coffers of the federal government as revenue.
He informed the House Committee that in 2025 fiscal year, the agency realized a total of N7.277 trillion as revenue as there were a lot of incentives to boost revenue collection by the agency.
He added that the total revenue collected by the agency in the two years under review is N591.1 trillion due to some exemptions and waivers granted to the agency by the government.
He also stated that the federal government had granted the agency the powers to reduce the cost of collection of its revenue from 15% to 5%.
The House Committee Chairman, Hon Leke Abejide commended the agency’s chief executive officer for consistently paying huge revenue into the consolidated revenue fund of the federal government.
He said that the Constitution of the Federal Republic of Nigeria 1999 has expressly given the House Committee powers under sections 88 and 89 to scrutinize the agency’s budgets.
He further revealed that over 100 lawmakers attended the budget defence organized by the House Committee on the 2025 and 2026 budgets of the agency.
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